Journal
JOURNAL OF ECONOMIC BEHAVIOR & ORGANIZATION
Volume 58, Issue 1, Pages 79-94Publisher
ELSEVIER
DOI: 10.1016/j.jebo.2003.12.001
Keywords
age; overconfidence; willingness to pay/accept; endowment effect; theory of mind; game theory; risk-taking
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We report the results of experiments on economic decisions with two populations, one of healthy elderly individuals (average age 82) and one of younger students (average age 20). We examine confidence, decisions under uncertainty, differences between willingness to pay and willingness to accept and the theory of mind (strategic thinking). Our findings indicate that the older adults' decision behavior is similar to that of young adults, contrary to the notion that economic decision making is impaired with age. Moreover, some of the demonstrated decision behaviors suggest that the elderly individuals are less biased than the younger individuals. (c) 2004 Elsevier B.V. All rights reserved.
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